Eurostat has recorded a record drop in GDP in the Euro area since the beginning of observations
the seasonally adjusted GDP in the Euro zone fell by 3.6% and 3.2% in the whole European Union in the first quarter, announced in Eurostat. According to the organization - this is the most dramatic downturns observed since records began in 1995.
In the fourth quarter of 2019, GDP grew by 0.1% in the Euro area and the EU.
Among the member States continue to mark a positive growth compared to the previous quarter, Ireland (+ 1,2%), Bulgaria and Romania (+ 0.3 percent) and Sweden (+ 0,1%), while in all other member States of the EU, GDP fell, with the largest decrease in France and Italy (both countries -5,3%), and Spain and Slovakia (both countries from -5.2%).
At the industry level, the sharpest decline was observed in trade, transport, accommodation and food.
According to Eurostat, the number of employed decreased by 0.2% in the Euro area and by 0.1% in the EU in the first quarter of 2020 in comparison with the previous quarter. This is the first decline in the time series from the second quarter of 2013 for the Eurozone and for the EU.
In the fourth quarter of 2019 employment increased by 0.3% in the Euro area and by 0.2% in the EU.